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If you were looking for millionaires, you'd probably head to London or New York or Monaco. But you might be better off trying Tokyo.

A new study from London-based WealthInsight, the independent research firm, ranked Tokyo the number one city in the world when it comes to millionaire population. The group defines millionaires as those individuals with $1 million or more in assets, not including the value of their primary homes.

The study found that Tokyo has 461,000 millionaires. New York ranked second with 389,000, followed by London (281,000), Paris (219,000) and then Frankfurt (217,000).

Why Tokyo?

The main reason for Tokyo's ranking is population density, said Andrew Amoils of WealthInsight. While the U.S. has far more millionaires (5 million to Japan's 2 million), America's rich are spread over multiple cities, while Japan's population is more heavily concentrated in its top city.

More than one fifth of Japan's millionaires are in Tokyo, while New York houses only about 7 percent of America's millionaires.